Application
This unit describes the skills and knowledge required to determine and allocate distribution authorities and guidelines.
It applies to individuals working in job roles involving specialist knowledge and functions in a range of insurance sectors and may be applied within organisations of various sizes and across a range of client bases. It encompasses application of criteria for selection of distribution authorities, reaching agreement, monitoring performance and evaluating the effectiveness of the agreement.
Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Provide feedback on and/or confirm authorities and guidelines | 1.1 Read and interpret draft authorities and guidelines 1.2 Identify practical application of authorities and guidelines through market testing to determine need for variance 1.3 Negotiate final form of authorities and guidelines with relevant parties to ensure they accommodate variations in workplace requirements and are within organisational policy and procedures 1.4 Obtain authorised authorities and guidelines, and confirm in writing |
2. Determine allocation of authorities and guidelines | 2.1 Determine criteria to be used as basis for allocation 2.2 Ensure allocation is consistent with existing or updated distribution agreements 2.3 Determine allocations within industry code of practice and relevant legislative requirements 2.4 Ensure allocation enables achievement of desired result in accordance with business plan |
3. Negotiate variations to allocated authorities and guidelines | 3.1 Negotiate variations where opportunities to maximise or adjust business returns are identified 3.2 Base negotiation on all relevant information 3.3 Ensure outcome of negotiation is accepted by parties |
4. Allocate authorities and guidelines | 4.1 Advise allocations in writing in clear, concise and timely manner 4.2 Provide training as appropriate and assess its effectiveness 4.3 Record allocation of authorities and guidelines promptly and accurately to ensure records are current 4.4 Verify understanding of authorities and guidelines, and record where appropriate 4.5 Update variations to authorities and guidelines in accordance with organisational policy to ensure currency of operational procedures 4.6 Undertake implementation procedures within relevant industry code of practice and legislative requirements |
5. Monitor and review authorities and guidelines compliance | 5.1 Check submissions received for compliance with authorities and guidelines 5.2 Monitor business trends and compliance variations to determine effectiveness of authorities and guidelines 5.3 Rectify non-compliance with authorities and guidelines promptly to maintain business plan objectives |
6. Evaluate effectiveness of authorities and guidelines | 6.1 Identify market trends to ensure evaluation is based on reliable information 6.2 Assess trends to quantify impact on expected business 6.3 Revise allocations in accordance with changes to code of practice, legislative and organisational policy requirements |
Evidence of Performance
Evidence of the ability to:
accurately apply the criteria for selection of distribution authorities
negotiate and determine the allocation of authorities
document and implement changes to allocated authorities
monitor, review and evaluate the effectiveness of the distribution authorities based on organisational goals and policies
rectify non-compliance issues with distribution authorities
conduct market testing to identify optimal choices of distribution authorities.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
describe relevant organisational products and services
explain organisational distribution requirements and channels
outline organisational income and expenditure forecasting
describe organisational marketing, administration, systems, performance measures and training needs
explain organisational resources and budgeting
outline key features of relevant legislation, regulatory guidelines and industry sector codes of practice.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the insurance services field of work and include access to:
organisational records
organisational policy, procedures, legislation and regulations as they relate to contracts of insurance
a range of common technology and software.
Assessors must satisfy NVR/AQTF assessor requirements.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1, 2.2, 2.3, 2.4, 5.1, 5.2, 6.2 | Critically analyses complex documentation from a variety of sources and consolidates information relating to specific criteria to determine requirements |
Writing | 1.3, 1.4, 3.1, 4.1, 4.3, 4.4, 6.3 | Accurately records information and prepares correspondence and documentation using clear language and organisational formats and protocols Composes, edits and proofreads documents to ensure clarity, accuracy and consistency of meaning |
Oral Communication | 1.3, 3.1, 3.3, 4.2, 4.5 | Clearly explains detailed information using language, tone and pace appropriate to audience Clarifies information effectively using active listening and questioning |
Navigate the world of work | 1.3, 2.2, 2.3, 2.4, 4.5, 4.6, 5.1, 5.3, 6.3 | Works independently or with others in making decisions to achieve organisational outcomes Takes full responsibility for following policies, procedures and legislative requirements and identifies organisational implications of new legislation or regulation Modifies or develops organisational policy and procedures to comply with legislative requirements and organisational goals |
Interact with others | 1.3, 1.4, 3.1, 3.3, 4.1, 4.2, 4.4 | Elicits feedback and provides feedback to others to improve self or workgroup behaviours Selects, implements and seeks to improve protocols governing communications to clients and co-workers in a range of work contexts Recognises the diversity in people and manages this diversity to improve workplace relations and practices |
Get the work done | 1.1-1.3, 2.1-2.4, 3.2, 4.1, 4.2, 4.4-4.6, 5.1-5.3, 6.2, 6.3 | Accepts responsibility for planning and sequencing complex tasks and workload, negotiating key aspects with others and taking into account capabilities, efficiencies and effectiveness Applies systematic and analytical decision-making processes for complex and non-routine situations Responds intuitively to problems requiring immediate resolution, drawing on past experiences to focus on the cause of a problem Investigates new and innovative ideas as a means to continuously improve work practices and processes through consultation, and formal and analytical thinking Uses digital technologies to access, enter, check and store information required to complete work tasks |
Sectors
Insurance services